Skip to main content
NewslettersWatchlist
How six Canadian households are coping with the high cost of home ownership
MORTGAGE OVERLOAD <span></span>
GLOBE STAFF

This article was published more than 7 years ago. Some information may no longer be current.

Back in October, The Globe invited Canadians to share their biggest financial concerns with us. Hundreds of responses rolled in. We spoke with six households about how they're coping with the high price of home ownership. Here are their stories.

A single mother, stuck in a house she can’t afford “I have no savings. I’m going from paycheque to paycheque, trying to juggle things around.”
Read the profile
Saving for retirement, but struggling with debt “I’ve been a budgeter all along, but some years I just throw my hands up because I have no control.”
Read the profile
Young kids, big debt – and nothing left for savings “I’m considering the purchase of a home as an investment and something that would appreciate in value.”
Read the profile
A mortgage-free retirement isn’t in the cards “As a single person, I’ve thought if I needed to, I might have to hire a home nurse to come in if things got really bad.”
Read the profile
Forced to take out a second mortgage “We basically pulled through by the hair of our chin because we had savings and good support from our financial institution.”
Read the profile
The drawbacks of a high-priced restoration “Let’s say a rafter breaks, or something major on this house goes – I’d worry that I’d have to have some room in the line of credit that I don’t have.”
Read the profile


The individuals profiled have been offered a consultation with a pair of certified financial planners (CFPs) at Money Coaches Canada – Annie Kvick and Noel D'Souza.



More from this project

The dark side of the housing boom Rock-bottom interest rates have made big mortgages look less expensive, lighting a fire under house prices. But for many homeowners, when rates start rising, it won’t end well
The economic dangers of cooling Canada's housing market Policy makers are looking to tap the brakes on the housing booms in massive markets such as Vancouver and Toronto. But experts warn they will have to tread carefully
What we learned about Canadians’ finances The Globe invited readers to share details of their personal finances. Thousands of responses flooded in. Here's how we cleaned the data – and ultimately, what we learned
Watch: How this millennial manages to afford a home with a $31,000 net income Alyssa Gowing is a 27-year-old homeowner who follows a strict budget and finds creative ways to save money in order to afford her mortgage